0356 GMT - ANZ's improved capital position and value compared with its peers elevate its appeal among major Australian banks, Morgan Stanley analysts tell clients in a note. Raising their valuation to reflect ANZ's strong balance sheet and lower risk profile, the MS analysts say the bank's productivity agenda under Chief Executive Nuno Matos gives it a better near-term growth profile than its rivals. Even so, they think that investors have low expectations for ANZ's revenue and market-share growth, and see less potential for disappointment than at other large lenders. MS raises its target price 1.5% to 34.50 Australian dollars and keeps an overweight recommendation on the stock, which is up 1.3% at A$37.69.